$25m loss for Dorchester

Dorchester Pacific says it will report a loss of around $25 million for the year to the end of March, compared with a first-half loss of $35 million.

Shareholders' funds at the end of March would be about $15 million.

The company said yesterday the full-year result would include a $30 million gain from fair value adjustments, but that accounting adjustment would reverse over the term of the deferred repayment plan backed by debenture and note holders in December.

Other adjustments to its accounts for the year to March included a tax write-off of $13 million, additional loan provisions of $7 million, additional consumer loan provisions of $1.2 million, and a $500,000 write-down after exiting the Energy Direct Metering business.